Dragged down by a decline in the value of BTC holdings, Tether-backed 21 Capital lost $4.1 billion in the second quarter

Comparing news, Twenty One Capital (NYSE: XXI), a Bitcoin treasury company backed by Tether, announced financial results for the second quarter of 2026. The company recorded a net loss of US$413.5 million, mainly dragged down by the decline in the value of Bitcoin holdings.

Financial reports show that Twenty One Capital's second-quarter loss of about $401.5 billion came from a decline in the book value of its Bitcoin assets. As the company adopted Bitcoin as its core asset allocation, BTC price fluctuations directly affected its financial performance.

New CEO Raphael Zagury said that Twenty One Capital will not only exist as a “Bitcoin treasury (Bitcoin treasury)” in the future, but will need to transform into a broader financial services platform. Zagury proposed that the next phase of the company's plans will revolve around three major directions, including: expanding the business layout through mergers and acquisitions; using capital market tools to enhance financing capabilities; and exploring loan business based on Bitcoin collateral. (The Block)